Singapore Consortium Delays
Raffles Complex in Shanghai

By

Yu Wong Staff Reporter of The Wall Street Journal

Updated Oct. 20, 1998 12:01 a.m. ET

SHANGHAI, China -- Worried about a glut of new office space, Shanghai Hua Qing Real Estate Development Co., a consortium of leading Singapore property developers, plans to slow the completion of its flagship Raffles Square commercial complex, said Chan Boon Seng, the consortium's Shanghai-based general manager.

Mr. Chan emphasized that the project is a long-term investment and that the consortium remains fully committed to Shanghai, but he cited the city's worsening oversupply of newly completed commercial buildings as the...